NEWTOWN SQUARE, Pa.--(BUSINESS WIRE)--Balfour
Beatty Communities, LLC, a leading provider of property
management, development and related real estate services for the
multifamily, military and student housing markets, has assumed
management of the Carriage House Townhomes, a multifamily property
located in ‘The Fan,’ a historic area of Richmond adjacent to Virginia
Commonwealth University. The new management contract reflects Balfour
Beatty Communities’ push to diversify its portfolio further into the
multifamily market throughout the U.S.

“Balfour Beatty Communities is very pleased to add Carriage House
Townhomes to our multifamily portfolio”

Carriage House Townhomes, located at 728 West Marshall Street,
Richmond, Virginia 23220, is a three-story, street walk-up design with
40 units/160 beds and garage parking. The 10-year-old property also
includes a historic carriage house that has been architecturally
incorporated into the building design and serves as the community
management office. The Townhomes are within walking distance to the many
shops and restaurants on historic Broad Street.

Balfour Beatty Communities has been contracted to deliver
comprehensive property management services, including marketing,
leasing, facility management and accounting. As part of the transition,
the company has deployed expert teams to coordinate the
onboarding/training of new associates, market analysis and other
enhancements designed to overcome a locally competitive student market
and historically challenged occupancy.

"Balfour Beatty Communities is very pleased to add Carriage House
Townhomes to our multifamily portfolio," said Holly Costello, Vice
President, Multifamily Operations for Balfour Beatty Communities. "With
an exceptional team and the significant expertise and resources of our
national organization, we are poised to deliver the highest level of
service and value for both our client and residents."

About Balfour Beatty Communities

Balfour
Beatty Communities, LLC is a diversified real estate
services company delivering development, design, financing,
construction, renovation, property and facilities management services in
the multifamily, student and military housing sectors. A leader in the
industry, Balfour Beatty Communities has more than 37,000 residential
units and $5.5 billion in real estate assets under management and has
developed or renovated more than 27,000 units with a total value of
close to $4 billion. Headquartered outside Philadelphia, PA, Balfour
Beatty Communities has more than 1,100 employees and is a subsidiary of Balfour
Beatty Investments, Inc.

Balfour Beatty Investments is part of Balfour
Beatty plc, a global leader in professional services,
construction services, support services, and infrastructure investment,
with more than $18 billion in annual revenues.

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